Causeway Global Fund April Commentary

Global equities advanced in April, as oil prices climbed and major central banks maintained current monetary policies, stabilizing markets after the first quarter of the year. The top performing markets in our investable universe included Norway, Canada, Spain, Austria, and Japan. The worst performing markets included South Korea, Ireland, Finland, the Netherlands, and the United States. The best performing sectors in the MSCI World Index ("Index") were energy, materials, financials, health care, and industrials. The worst performing sectors were information technology, utilities, consumer staples, consumer discretionary, and telecommunication services.

Causeway Global Value Fund (“Fund”) outperformed the Index this month. Fund holdings in the energy, automobiles & components, banks, telecommunication services, and pharmaceuticals & biotechnology industry groups contributed to relative performance. Holdings in the transportation, software & services, consumer durables & apparel, and consumer services industry groups, along with an underweight position in the materials industry group, offset some of the relative outperformance. The largest individual contributor to performance was energy exploration & production company, SM Energy Co. (SM, Financial) (United States). Other notable contributors included automobile manufacturer, Volkswagen AG (XTER:VOW, Financial) (Germany), global financial services giant, Citigroup, Inc. (C, Financial) (United States), banking & financial services company, Barclays (United Kingdom), and telecommunication services provider, KDDI Corp. (TSE:9433, Financial) (Japan). The top detractor was airline holding company, United Continental Holdings, Inc. (United States). Additional top detractors included software giant, Microsoft Corp.(United States), cruise ship operator, Carnival Corp. (United States), electronic equipment manufacturer, Samsung Electronics Co., Ltd. (South Korea), and apparel designer & manufacturer, PVH Corp. (United States).

The market commentary expresses the portfolio managers’ views as of the date of this report and should not be relied on as research or investment advice regarding any stock. These views and the Fund holdings and characteristics are subject to change. There is no guarantee that any forecasts made will come to pass. Any securities identified and described in this report do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Diversification does not protect against market loss.